-No website; no books; rent roll is a notepad; no signs; no advertising; can barely see it from the road, and still at 90% occupancy.-43 Units and 9,165 sf-Less than 1 Acre-I know that this will not profit very much relative to other storage facilities, but $1000+ in cash flow/month sounds very appealing from that perspective.

I will be meeting some other investors in my neighborhood that I found through our neighborhood Facebook page by chance.  

By networking you find out about off market deals, meet investors, meet partners, learn about up and coming areas, find out about future projects which will allow you to piggyback off of by investing next door or across the street, find out which banks are offering the best rates and terms, which contractors are good and which to avoid... bottom line is... if you increase your network you GREATLY increase not only your chance of success but the speed at which you get there.

Using a co-singer will increase your chances of qualifying greatly. 2.

The goal is to make decisions that give you the greatest percentage chance of success. 

I learned that even if the seller rejects your initial offer that you may have a chance to resubmit given the numbers still work out.

In 2020 we are under rent control, but prior to this year this is basically what we did and we will still be doing this within the limits of the rent control.Tenant that for whatever reason is less than ideal and that we really want them to provide us notice, we raise rent to above market for the unit in its current shape (going forward, due to rent control, this will be 5% + local inflation (lately ~4%, but last year ~3%)).Tenant that is good enough that we want to keep them but just barely, we keep them just below market (in our high rent market, $50 below market). 

We do whatever we believe has the highest chance of maximizing risk-adjusted returns.Thus:Going into a deal without having underwritten an ability to stay in for the long haul is stupid.

We had the chance to buy it and jumped at the bit!

Cashflow doesn't look good on this property, but there is no depreciation on bare land.